Rodinia Minerals
Rodinia Minerals Inc. is a Canadian mineral exploration company with a primary focus on Lithium exploration and development in North and South America. The Company is positioned to capitalize on the explosive demand for lithium carbonate expected from the paradigm shift to mass adoption and use of key lithium applications (lithium-ion batteries, glass ceramics, greases, pharmaceuticals, etc.).
Rodinia to acquire Salinas Grandes lithium project in Argentina after positive sampling results
Rodinia Minerals (TSX-V: RM) has entered into a definitive agreement to acquire 4,500 ha (hectares) of the Salar de Salinas Grandes in the province of Jujuy in Argentina after its due diligence review of the project returned positive results.
Results from sampling of brines during the thirty days of due diligence returned lithium (Li) numbers as high as 950 ppm (parts per million), averaging 440 ppm Li with a magnesium (Mg) to Li ratio of 1:4. The results proved to be better than the historic, non-NI43-101 studies on the brine chemistry in the acquired salar that concluded lithium concentrations in excess of 400 ppm with a reported Mg:Li ratio of 3.75.
The high Li values in the five samples collected from various locations across the salar were encouraging and showed that geothermal sources in the area were “extremely lithium rich,” the company said in the statement. The samples from taken from aquifers that would be the focus of subsequent exploration programmes and possible producers.
The sampling will be followed up by an exploration programme currently devised by the company and will likely consist of surface geophysics along with extensive sampling of the near surface aquifers. A systematic grid will be employed to allow for proper characterisation of the lithium-rich brines.
The letter of intent for the option agreement for the property was signed in late October. he opportunity was identified by Forbes & Manhattan Inc, which is controlled by Rodinia chairman Stan Bharti. Neither Forbes & Manhattan nor Bharti have received any compensation in connection with this deal.
Rodinia is now required to make cash payments of US$0.9 million over the next two years, US$0.15 million of which will be due upon entering into the agreement.
Rodinia, which also has a lithium mine in Nevada’s Clayton Valley, is looking to become a low cost producer of lithium carbonate from brine and to ride the wave of the strong long term demand prospects for lithium. Apart from establishing the above mentioned mine in Nevada it will also be looking to develop the recently acquired Strider lithium project in Manitoba and to make other lithium acquisitions.
Besides it lithium interests, Rodinia is exploring for uranium at several projects in Arizona and Utah.
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Other Rodinia Minerals articles
Other Rodinia Minerals news
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04/03/10 Rodinia Minerals 'encouraged' by sample results from Clayton Valley lithium-brine project
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02/03/10 Rodinia Minerals says initial Salar de Diablillos results indicate high concentrations of lithium and potash
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23/02/10 Rodinia Minerals says lithium projects making encouraging progress
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12/02/10 Rodinia Minerals increases investor appeal in US with OTCQX listing
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11/02/10 Rodinia Minerals increases investor appeal in US with OTCQX listing
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04/02/10 Rodinia Minerals appoints new director experienced in resource sector finance
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18/01/10 Rodinia Minerals snaps up three lithium projects in Argentina from Rio Tinto Minerals
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08/12/09 Rodinia Minerals to start new Drill Program at Clayton Valley lithium project and completes gravity survey
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30/10/09 Rodinia Minerals mulls buying lithium project in Argentina
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16/10/09 Rodinia names Ryan Ptolemy new CFO a week after replacing CEO, completes Strider Lithium acquisition
